Thursday, January 23rd
2025 Online Stock Trading Platform Reviews
Firstrade
- Excellent support for Chinese speakers (and Cantonese)
- Easy-to-use app
- Fractional shares are available for 4,000 stocks/ETFs, and the minimum trade size is only $5
- Morningstar stock reports (weekly) and investment screeners
- Firstrade GPT available to help with research
- 0.1-second trade execution guarantee
- Extended hours trading from 8am-8pm ET
- The majority of Firstrade clients belong to a top-tier financial authority
Firstrade started in Flushing, New York, in 1985, and over the years, major industry publications have consistently rated it one of the best online stock brokers. It has also been awarded for the ease of use of its website. It is a bilingual platform, and the website is available in Mandarin, both simplified and traditional, and English. Firstrade is all about the bottom line - they exist to offer you the lowest prices while still maintaining quality.
Just the facts
- Costs
- $0 for all online trades
- $19.95 for broker-assisted trades (plus $0.50/contract on options)
- $0 for mutual fund trades
- Minimum Deposit
- None
Special offers for opening a new account
Firstrade consistently offers discounts or perks for first-time account holders. At the time of this review, new account holders could receive up to $250 in transfer fee rebates by consolidating investment accounts in Firstrade.
Firstrade GPT
Firstrade GPT has recently been released, and the company is celebrating by giving customers temporary unlimited access to this feature. FirstradeGPT gives you AI-driven insights, offering in-depth stock analysis and data visualization to enhance your investment strategy. Firstrade's stock trading platform describes it as having a financial research analyst in your pocket, ready to help you make informed decisions. Unlike many AI tools out there, FirstradeGPT is also able to provide robust supporting materials such as charts, sources, and screening materials.
A great option for Mandarin or Cantonese speakers
Founded in Flushing, NY, in 1985, Firstrade is pleased to offer customer service in Mandarin and Cantonese as well as English. Native Chinese speakers will be drawn to Firstrade's platform, which is available in both traditional and simplified Chinese.
Very easy to open an account
Unlike other stock trading platforms, opening an account with Firstrade is very simple. It is a fully digital, simple process. It has been reported that at times it can take 3 days for account approval, but at its slowest, it is still faster than other stock trading platforms we've reviewed.
Deposit limitations
While there is no deposit fee and Firstrade can accept money via ACH transfer, wire transfer, check, or asset transfer, you cannot use debit cards or digital wallets. If you have foreign currency, you will be charged a conversion fee. You will also be charged a very high wire transfer fee, and ACH may take days to post.
Customer service can be hit or miss
Like other stock trading platforms, customer reviews for Firstrade are mixed. However, unlike most stock trading platforms, Firstrade is truly bilingual. Chinese speakers and readers will feel comfortable on this platform. Some reviewers say customer service is amazing and responds within 1-2 minutes, while others say it took a long time. Customer service is not available 24/7, either. While the BBB gives them a "D” rating (a better rating than previously), we do see that Firstrade is being very diligent in resolving complaints, most of which are due to regulatory factors or a client not understanding the withdrawal or account closure process, which is an across the board complaint for all stock trading platforms. We are pleased to see that Firstrade has become more responsive and we've noticed the number of complaints trending downward overall.
Great if you want to save money
Firstrade is probably one of the cheapest online stock trading platforms. You likely won't find a cheaper place to trade in this format. With user-friendly software, Firstrade GPT, and its bilingual website and services, it's value for the money. For all the things we found as a negative, there were also a lot of positives, so we feel that Firstrade is slightly above average as a stock trading platform.
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The 12 Best Online Stock Trading Platforms
Which Online Stock Trading Platform is the Best?
This can be an overwhelming question for beginning investors - but that's a great place to start. First, ask yourself what level of skills or knowledge you have in investing and what your purposes for investing are. Are you brand new to the financial world of stocks, ETFs, fractional shares, and options? Are you trying to manage a large amount of wealth? Are you looking for a safe place to grow your savings over the next few decades?
Or, are you someone who has had a lot of experience in investing and wants to get back into the game or take your game to the next level? Are you wanting to take high risks, or are you more conservative in your approach? There are plenty of options out there and there are some who focus on everything and some who specialize in one or two niche markets.
Online Stock Trading Platform FAQ
Continued from above...
For beginning traders, there are platforms that have devoted a big part of their online presence into education. Some have partnered with banks so you can do all of your investing along with your banking.
For active traders, the best platforms will have advanced charting capabilities, responsive customer service, robust toolkits, and they will also offer high-quality research resources. We highly recommend those platforms that allow for backtesting - a way to put in a particular strategy simulation and see how it might play out before committing to the trade in real life. Be sure to ask questions and double-check that whatever stock trading platform you use, they will have the tools that fit your particular needs.
For example, if you are going to be trading mostly on your mobile phone, you will want to make sure the stock trading company you choose has a strong mobile platform. Some companies do a bare-bones mobile app, and that would not be a suitable fit. Be sure to check if software platforms have a history of outages or glitches, too.
Are you the kind of investor who doesn't want to actually pull the trigger on choosing which stocks to buy on your own? You might want to look into robo-advisors or a dedicated financial advisor or team of advisors. These accounts usually come with fees as a percentage of the total amount invested, but it can be well worth the cost if you don't want to be involved in the day-to-day management and strategy on your account.
Most advisor accounts (robo or personal) involve you completing a questionnaire and/or a phone call that considers your time frame, financial goals, and risk tolerance. From there, the company will create a portfolio matching the information you gave. This portfolio will be rebalanced automatically, and you don't have to do a thing. On those types of accounts, you can find options with no fees, and the ones that do charge fees are usually much less expensive than working with a human advisor one-on-one.
Keep in mind that most of today's online stock trading platforms very proudly advertise that they charge "$0 fees." That usually just refers to a $0 commission fee. There will definitely be at least one or two fees for most accounts. Whether it's for withdrawal or broker-assisted transactions, there are going to be some extra costs associated with your account.
So, which online stock trading platform is best for you? Here are some of the criteria to keep in mind:
- Intended investment strategy. Are you an active day trader? A buy-and-hold investor? A conservative investor taking the slow and steady way to build a retirement? Are you willing to take risks? Are you a natural researcher or do you want someone else to do that for you?
- Ease of use. Is the website difficult to figure out? Is it easy to open an account, or do you have to go through a lot of extra hoops? Do you prefer to talk to someone on the phone, or is live chat your go-to way to communicate? Are there tutorials and online help for learning how to use the platform?
- Tools. Do you want lots of tools, or do you just want someone else to worry about it? Do you want to have an app that is integrated with your bank? Is there a mobile app? Is it web-based or downloadable? Can you connect with research resources that match your level of expertise?
- Customer service. What do other clients say about their experiences with the company? How are issues handled by customer service? Are the financial advisors helpful?
- Reputation. Is this a service with a long history in the financial industry or a relative newcomer? Is the company insured or backed by government or private agencies? Do they have a history of litigation or being fined by FINRA or other agencies? Are they transparent?
To help you make the most of your investments, Top Consumer Reviews has evaluated and ranked today's most popular online stock trading platforms. We hope this information helps you reach your financial goals!
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